February 17, 2016

Washington Trust’s Commercial Real Estate Group recently provided $2.82 million to AKM Corp. for the refinancing of an existing Rite Aid Pharmacy located in Reading, MA.

February 17, 2016

Westerly, RI – Washington Trust’s Commercial Real Estate Group recently provided $2.82 million to AKM Corp. for the refinancing of an existing Rite Aid Pharmacy located in Reading, MA.
Located at 15 Bolton Street in Reading, about 12 miles north of Boston, the property includes a 13,426 square-foot building on a 1.5-acre parcel of land. Built in 1997, the building underwent renovations in 2008 to accommodate Rite Aid Pharmacy, the third largest drugstore chain in the US, which leases the property to this day.

“We were very pleased to expand our relationship with United Capital with this well located property,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The location is especially strong given that this Rite Aid has the only drive through pharmacy in Reading.”

AKM Corp. is a single asset entity and wholly owned subsidiary of United Capital Corporation, a real estate investment and management company out of Great Neck, NY.

ABOUT WASHINGTON TRUST®
Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ OMX®: WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.

Related

Washington Trust Provides $3.1 Million in Financing for Walgreens Pharmacy in Newington, CT

Newington is located in mid-central Connecticut, bordered by West Hartford, Farmington, New Britain and Hartford. The Pharmacy is situated on a 3.24-acre corner lot located at 2920 Berlin Turnpike. The building reflects the typical Walgreens prototype and includes a two-lane drive-thru pharmacy and on-site parking for 89 vehicles. Walgreens is the largest pharmacy chain in the United State, operating 8,173 drugstores with a presence in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

“The developers have strong experience in this type of retail asset,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “It is well placed and an important amenity to the neighborhood. We are very pleased to have been able to provide a financing solution.”

ABOUT WASHINGTON TRUST®
Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ OMX®: WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.

Washington Trust Provides $2.5 Million in Financing for CVS Pharmacy in Long Island, NY

November 16, 2016

Westerly, RI - Washington Trust’s Commercial Real Estate Group recently provided $2.5 million to W.H.M. Realty, LLC, for the refinancing of a 10,880 square-foot CVS Pharmacy located on the South Shore of Long Island, in Bay Shore, New York.

The Pharmacy is situated on a 1.4-acre lot located on the corner of 5th Avenue and Brooks Avenue in Bay Shore. The building reflects the typical CVS prototype and includes access points from both avenues and on-site parking for 50 vehicles. CVS Health Corporation is the largest pharmacy chain in the US with more than 9,600 stores worldwide.

“Washington Trust is pleased to expand its relationship with W.H.M. Realty with another strategically placed and well maintained asset,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group.

ABOUT WASHINGTON TRUST®
Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ: WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.

Washington Trust Provides $9.8 Million in Financing for Retail Portfolio in New Haven, CT

December 7, 2017

New Haven, CT – Washington Trust’s Commercial Real Estate Group recently provided $9.8 million in financing to Route 34 Phase I, LLC, for the refinancing of a recently constructed Rite Aid Pharmacy and the completion of a 10,000 square-foot retail building in downtown New Haven, Connecticut.

Located on Legion Avenue/Martin Luther King Boulevard (Rt. 34), the property benefits from being on a busy thoroughfare just two blocks from Yale New Haven Hospital in downtown New Haven. The Rite Aid Pharmacy building is comprised of 14,578 square feet of space and was completed in 2016. The new building being constructed on the property will be home to The Learning Experience, one of the nation’s largest for-profit providers of childcare and early childhood development services.

“This was a great opportunity to expand our relationship with Leyland Alliance,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The tenancy will fill a strong demand in the New Haven market, and we are excited to be a part of it.”

“Washington Trust has been a creative and supportive financing partner for LeylandAlliance through multiple projects,” said Howard Kaufman of LeylandAlliance. “We value our relationship and look forward to working on more new projects in the future.”

Route 34 Phase I, LLC is a single asset limited liability company of LeylandAlliance, a New York mixed-use developer with retail and office projects in New York, Connecticut, and North Carolina.

ABOUT WASHINGTON TRUST
Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ: WASH). Additional information on Washington Trust and its subsidiaries can be found at https://www.washtrust.com/.

Washington Trust Provides $18.5 Million in Financing for Acquisition of 13-Property Portfolio in Clark, NJ

February 2, 2016

Westerly, RI – Washington Trust’s Commercial Real Estate Group recently provided $15.4 million in financing to Clark Commercial Center, LLC for the acquisition of a 13-property portfolio located in Clark, NJ. An additional $3.15 million in construction financing has also been reserved for capital and tenant improvements to the properties.

Located in Clark, a New Jersey suburb 20 miles southwest of Manhattan and 13 miles southwest of Newark, each of the 13 properties sit in close proximity to one another on Central, Terminal and Westfield Avenues. The portfolio consists primarily of industrial flex space, comprising 8 of the properties, with 2 retail properties, 2 single-family residences and a vacant lot also included. In total, the portfolio includes approximately 283,000 square-feet of space. Four of the properties are currently leased to L’Oreal Products.

“Our clients have assembled a unique portfolio with a diverse tenant base in the well located town of Clark,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “We are pleased to finance this first transaction with them and hope to expand our relationship within their footprint.”

Clark Commercial Center, LLC is owned by The Denholtz Group, who serve as managing partner, and MB1 Capital Partners, a private real estate investment company based in Belmar, NJ.

ABOUT WASHINGTON TRUST® Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ OMX®: WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.

Washington Trust Provides $3.36 Million in Financing for Retail Center in Windsor, CT

July 13, 2016

Westerly, RI - Washington Trust’s Commercial Real Estate Group recently provided $3.36 million to 555 Day Hill, LLC, for the refinancing of a retail center in Windsor, Connecticut. Constructed in 1989, the property consists of a 6.69-acre parcel improved with a 34,084 square-foot, single-story community retail building. The Center is anchored by Educational Playcare, Ltd., a successful daycare center which operates eight locations throughout Connecticut.

“The position of this retail center is a prime location for the area,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The current owners have owned the center for more than 20 years and have continually upgraded and maintained it throughout the years. We were pleased to be able to provide a financing package that worked well for them.”

“We are very pleased to have developed this new relationship with Washington Trust,” said the owners of 555 Day Hill, LLC. “Washington Trust was very responsive and proactive during the entire refinancing process. That responsiveness has continued throughout the monthly servicing of the loan.”

ABOUT WASHINGTON TRUST®
Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ OMX®: WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.

Washington Trust Provides $12 Million in Financing for High-Rise Office Property in New Haven, CT

September 21, 2016

Westerly, RI - Washington Trust’s Commercial Real Estate Group recently provided $12 million in financing to 195 Church Street Associates, LLC, for the purposes of equity recapture and funding capital and tenant improvements to an 18-story, multi-tenant office high-rise in New Haven, CT.

Located at 195 Church Street, directly across from the New Haven Green, the 246,495 square-foot office tower is an iconic fixture in Downtown New Haven that was originally built by New Haven Savings Bank in 1974. Today, the building is leased to a number of tenants, including Buffalo, NY based First Niagara Bank, the law offices of Neubert, Pepe and Monteith and Carmody, Torrance, and biotech company Cogstate, to name a few. Capital improvements to the property will include renovations to the lobby and bathrooms, new energy efficient windows, the relocation of the First Niagara Bank branch and various other tenant improvements.

“Northside is an existing client of Washington Trust and we are very pleased to assist them in acquiring and renovating this prominent New Haven property,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The upgrades that they have planned for the lobby in particular will create wonderful visibility and an attractive streetscape, positioning the property for future success.”

“Washington Trust accomodated our need for multi-tranche real estate financing,” said Paul Denz, Founder and President of Northside Development, Co. “The loan structure enables us to complete tenant fit-up, as well as embark on a capital improvement plan.”

195 Church Street Associates is a single-asset, limited liability company managed by Northside Development, Co., a New Haven based commercial real estate developer.

ABOUT WASHINGTON TRUST®
Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ: WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.

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